> http://www.investegate.co.uk/Article.aspx?id=200804020701443743R
http://www.imperialenergy.com
http://www.investegate.co.uk/Article.aspx?id=200807040700042799Y




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cyril

clearly there is indeed fire with the smoke ......
In response to further press speculation, the board of Imperial confirms that it is in discussions in relation to a possible cash offer for the Company at a
price of 1,290 pence per share.

Could be a bidding war now, sp may rise to 15

quite seriously thought of buying more yesterday on original story and was then very pleased that i had not ..... still, can hardly be upset by that prudent decision

Any Idea why many oil producing companies are still down?????

They are cashing in all the money lost everywhere in the world, even in mortgages etc. The Oil companies could move up by 100-200% by the next year when they receive the money from selling oil at $146 these days.

Too cheap to ignore, IMO.

Could be a Burren Energy situation.....even when they turned down a bid the sp remained high....so why are some people cashing in at 1110p with the bid at a possible 1290p ?.

unless i am much mistaken, BUR was eventually taken over ...... with regard to IEC, i thoroughly agree .... it is likely that some are just taking money off the table for a variety of reasons, but shall keep watching and may top up (prudently!)

which i did at 1066 ...... just hope it proves to have been "prudent"!

Confirmation of all share buy out:

A RIA Novosti news version...

India's ONGC could buy U.K. co. operating in Russia, Kazakhstan

15/07/2008 10:56 MOSCOW, July 15 (RIA Novosti) - Indian oil and gas company ONGC intends to buy 100% of shares in Imperial Energy, a British oil company operating in West Siberia and Kazakhstan, a business daily reported on Tuesday.

Imperial Energy, which reached a production rate of over 10,000 barrels of oil per day in December 2007 and aims to achieve 25,000 bpd by the end of 2008, said on Monday it had received a takeover offer but gave no further details.

According to Kommersant, which cited an unnamed investment banker, the deal had been prepared since January but only received the approval of Imperial Energy's board of directors and the U.K.'s Financial Service Agency in June. The deal is being managed by Deutsche Bank on behalf of ONGC and by Merrill Lynch on behalf of Imperial Energy.

Imperial Energy's stock will go for at least 12.9 British pounds ($25.7) per share, which would put the company's value at $2.62 billion or 67% above its market capitalization as of Friday, and 40.2% above yesterday's share price, the paper said.

ONGC's sole project in Russia has been a 20% stake in the Sakhalin-I project off Russia's Pacific Coast with recoverable reserves estimated at 2.3 billion barrels of oil and 485 billion cubic meters of natural gas.

The Indian company has made numerous attempts to buy other asserts in Russia, Kommersant said.

Interesting to know why they failed to get access to other Russian exploreres/producers. Maybe they just couldn't agree on valuations? Can't find anything on their website about interests in Russia. ONGC are big in India, Turkmenistan, Brazil, Colombia & Caribbean. Huge company.

Goner turn upwards now before the close

bought another similar lot at 1045 as reckoned the fall was nuts ..... so far so good as all now shoowing blue, even though a bit distorted by closing auction

Topped up myself but at 1088....nuts this market ...this should be hovering around 1270p or so.....if IEC is taken out very soon this is money for nothing....the sellers must be nuts or terribly in debt !.

i think you are being more than a little optimistic in expecting sp to be +/-1270 at this juncture, for there is still a long way to go ...... but of course another bidder may enter the fray too

Yes cynic you are right but the sp should be in the upper 1180's or so, very comparable to the BUR situation when it was being taken over.

perhaps, but certainly higher than now for sure ..... meanwhile, Dow continues quite extraordinarily and is actually +38 as i write at 11087 after a low of 10826 at 15:00 ...... if it actually finishes blue or thereabouts, then FTSE will be +60/70 at open and no doubt (i hope!) IEC significantly higher

Over the last 2 days the sp has gone from 770 to 990, with a drop back to 900. Then up to 1158 & down to 1035. In a nswer to 'the sellers must be nuts' is that this is very tradeable at the moment, which may be better than holding for the upper limit of +/- 1290. There is no guarantee that the takeover will happen, so maybe best to keep locking in profit.
I bought IEC a few months ago & am happy to hold, but I also buy & sell another holding each day, so that if the whole thing goes sour, then at least I have made some money.

Anything less than 15 is a steal, even if the bid fails wait till the fall for a broad re rating of the oil companies.

There was a situation with Burren Energy (job to remember exactly now)...when I thought after a bid was turned down ..I thought well the stock will now drop like a stone but no the sp remained high...IEC could turn this down....I think (myself) that the company is worth more.

http://www.moneyam.com/action/news/showArticle?id=3102514

Heading for 12.90 now, about time too.